Before you apply for a personal loan

Years ago, it was not unusual for someone to walk into their local bank and borrow $500 to get their car fixed or buy a new washing machine. Banks would commonly grant unsecured ;quot;character ;quot; or ;quot;signature ;quot; loans to people whose good name in the community was enough of a guarantee of being paid back.
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If you apply for such a loan today, your banker is likely to hand you a credit card application and send you on your way. The massive proliferation of credit cards, which are a form of unsecured loan, and changes in the IRS code in the mid-1980s that eliminated tax deductions for many consumer interest payments, have made unsecured personal loans much less common. Those tax changes drove people to home equity loans to buy consumer goods because, in most cases, they still got the deduction.
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These loans may be the easiest to get for people whose income and savings are at lower levels. In many cases they may be the only sort of loan -- whether it's for emergency or fun money -- that they have a shot at from mainstream sources.
If you have a better option -- home equity, a credit card, 401(k) loan, a rich relative -- think twice before borrowing without collateral. But if you have no other way to go -- or are hell-bent on it -- take these tips.
Do your homework. Go to bankrate.com's (tm) current personal loan rate survey and find the best interest rates in your area or call up a handful of local banks and compare prices.
Ask if the interest rate is fixed or variable and what the rate cap is. Also inquire about annual fees.
If you belong to a credit union, forget tips 1 and 2 and just go there. Interest rates on unsecured loans can run about as much as one or two percentage points lower than major banks.

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